Calculate cost of credit cards
get started on the assignment by watching the which credit card deal is best? video on the link below then answer the following questions. note: if the link below is incorrect, try the one entitled, should i buy or lease a car?<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> /p>
sharese thinks that it is about time for her to get a credit card. she would like to buy a car in the not-too-distant future and knows that she needs to establish a credit history. she has received several offers in the mail and has downloaded offers from several card companies from card websites. as she reviews the various offers, she finds that the process of evaluating cards is more complicated than she expected./p>
what you know: credit card offer details as of 4/2004 /p>
citi® platinum select® mastercard® /p>
· no annual fee /p>
· 8.99% apr on purchases /p>
· 19.99% cash advance apr /p>
· cash advance fee: 3% or not less than $5 or more than $50 /p>
· 27.99% default rate /p>
· 0% apr on balance transfers for 12 months /p>
· $0 liability on unauthorized charges /p>
· 20-day grace period if your total new balance is paid in full each billing period /p>
· $35 over credit limit fee /p>
· late fees: $15 on balances up to $100; $25 between $100–$1,000; $35 over $1,000 /p>
· $12,000 minimum annual income required /p>
· free online services /p>
· personal information privacy /p>
· photocard option available /p>
· dedicated 24/7 customer service /p>
blue cash® from american express® /p>
· no annual fee /p>
· 0% introductory rate for 6 months /p>
· after 6 months, 8.99% to 13.99% depending upon payment history and credit record /p>
· 18.99% cash advance apr /p>
· cash advance fee: 4% or not less than $5 or more than $50 /p>
· 23.99% penalty apr if you do not pay your minimum payment /p>
· up to 5% cash back on purchases
/p>
|
total annual spend /p> |
cash back on everyday purchases /p> |
cash back on other purchases /p> |
|
up to $2000/p> |
0.5%/p> |
0.25%/p> |
|
$2,001–$6,000/p> |
1.00%/p> |
0.50%/p> |
|
$6,001–$50,000/p> |
3.00%/p> |
1.50%/p> |
|
bonus % if you carry a balance /p> |
2.00% /p> |
0.50% /p> |
span>
· late fees: $15 on balances up to $100; $29 between $100–$1,000; $35 over $1,000 /p>
· $29 fee for bounced check payment /p>
· $29 over the credit limit fee /p>
· automatic bill pay available /p>
· 24/7 customer service /p>
· online account access /p>
· grace period if balance is paid in full each billing cycle /p>
· emergency card protection /p>
· purchase protection plan /p>
· up to $20,000 personal credit limit /p>
· undisclosed minimum annual income /p>
collegiate visa® card /p>
· $12 annual fee (waived the first year) /p>
· 14.75% apr /p>
· 14.75% cash advance apr /p>
· 18.75% apr penalty apr /p>
· $20 late payment fee /p>
· $20 over the credit limit fee /p>
· $15 bounced payment check fee /p>
· $1000 credit limit /p>
· online account access /p>
discover® card for students /p>
· no annual fee /p>
· 17.99% apr /p>
· 19.99–24.99% default apr /p>
· 22.99% apr cash advance /p>
· cash advance fee: 3% or not less than $5 or more than $50 /p>
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